International group «RAEX»

International group RAEX (full name - International group of rating agencies «Expert RA») unites a number of rating agencies and analytical centers working in the
majority of
countries.

The group is active from 1997 and is represented in Russia, Kazakhstan, Belorussia, European Union and Hong Kong. The head office is located in Moscow. The group
employs more then 200
people with excellent education received in the leading universities and great experience of carrying out research. The work of this group received international
certificate of
ISO-9000 standard compliance from SGS company. All members of the group in their activities follow the principles of the IOSCO ethics code.

The group and its structures have official accreditation from the Central Bank and Ministry of Finance of the Russian Federation, few dozens of professional
associations, unions and
stock exchanges. As a part of this accreditation the group is assigning sovereign ratings and ratings according to the international scale.

Rating agencies of the group are assigning credit ratings and their analogues to companies, financial institutions, countries and regions as well as to their
securities. Besides
classical credit ratings the agencies are also doing university ratings, rankings of medical facilities and etc. Also they are evaluating quality of services from
companies in various
spheres of economics. Rating lists of the agencies include around 1000 companies from 16 countries. The group is absolute leader by the number of ratings assigned on
the territory of
CIS countries.

Members of the group are also actively participating in research work (more than 100 public analytical reports are published annually) and are organizing conferences on
the subjects of
their work (around 30 conferences each year with annual participation of more than 7000 of people). All agencies in this group have access to unique databases
accumulated over the past
two decades as well as approved rating methodologies and best evaluation practices. The group ensures from its side the control of work quality of all group
participants and makes sure
that their activities do not have any conflicts of interests and all methodologies are applied correctly. Finally, all rating agencies in the group are independent in
their operational
activities. They are able to form independent judgments on the rating subjects and can make independent decisions. This provides multilateral and unbiased
assessment.

LLC «Rating agency «Expert RA»

Rating agency «Expert RA» is the main business unit of RAEX group in Russia. «Expert RA» has accreditation from the Central Bank of Russian Federation under which it
assigns ratings
according to Russian national scale as well as national scales of the countries in which RAEX group has no subsidiaries.

Rating agency «Expert RA» is the leading rating agency on the territory of Russia and CIS. It has assigned approximately 45% of ratings assigned to companies, banks,
regions and etc.
in Russia. The agency employs around 150 people. Activities of the agency are certified according to ISO-9000 international standard by SGS company (world leader in the
field of risk
assessment).

Main type of «Expert RA» activities is assigning credit ratings. Besides this the agency is compiling lists (rankings) of companies from various industries, assigning
ratings of social
responsibility (ecology, corporate governance, employment attractiveness, government procurement and other) as well as university ratings, ratings of medical facilities
and etc.

Also «Expert RA» is one of the largest analytical centers in Russia and publishes more than 70 research works, books and directories each year.

Finally, «Expert RA» if one of the most famous business and economic event organizers in Russia. Each year it arranges around 25 conferences and forums on which the
speakers include
top-managers of larges businesses, government leaders and authoritative scientists. More than 6000 specialists participate in these forums annually. Distinctive feature
of «Expert RA»
which makes it different from other conference operators is that the agency is arranging events only on those topics in which it prepares top quality analytical
materials and is
acknowledged center of expertise.

Service company LLC «RAEX» and the largest regional analytical center of Ural and Siberia «Expert Ural» are acting in consortium with LLC «Expert RA».

Rating-Agentur Expert RA GmbH

Rating-Agentur Expert RA GmbH (trademark RAEX) is a business unit of International group «RAEX» in the European Union. The agency is operating since 2013 and its office
is located in
Frankfurt am Main (Germany).

The main aim of this credit rating agency is assigning credit ratings in accordance with the most stringent regulatory regimes and codes of ethics, which are in force
in the European
Union.

The main priority of agency’s activities is assigning credit ratings to companies, financial institutes and regions from CIS countries. Also the agency is assigning
sovereign
ratings.

The activities of Rating-Agentur Expert RA GmbH are based on many years of experience obtained by RAEX group worldwide. However in accordance with the requirements of
ESMA (European
Securities and Markets Authority) Regulations currently in force the agency is completely independent of the activities in other subsidiaries and agencies of the group.
This is
achieved through special methodologies, procedures and regulations. The staff of this agency is independent in making the decisions therefore ratings of Rating-Agentur
Expert RA GmbH
can differ from ratings and rating reports provided by other agencies of the group. The agency sees this as one of its advantages: the rating object receives assessment
from various
independent groups on analysts, which guarantees impartiality and objectivity.

Rating-Agentur Expert RA GmbH is actively participating in open hearings and consultations on preparation and implementation of new regulatory regime for credit rating
agencies CRA 3
and corresponding regulatory technical standards.

LLP «Rating agency «Expert RA Kazakhstan»

This agency is the main business unit of RAEX group in the Republic of Kazakhstan. Rating agency «Expert RA Kazakhstan» was established in autumn of 2008 on a priority
basis by Russian
LLC «Rating agency «Expert RA» and Kazakhstan consulting company LLP «KERA».

At the basis of agency’s business is a unique system of rating products obtained from the rating agency «Expert RA» and adapted to the specifics of Kazakhstan
market.

The agency is assigning classical credit ratings to banks, insurance companies, leasing companies, industrial companies and building organizations. In the list of
services available
are also ratings of corporate governance, quality of fund asset management, ratings of pension funds reliability and ratings of service quality for managing companies.
«Expert RA
Kazakhstan assigned more than 50 ratings to companies and banks of the republic and this agency is the leader of rating services in Kazakhstan.

Besides the agency is forming rankings of companies in various spheres of Kazakhstan economy. The most influential of them is the list of largest companies and leaders
in various
fields of economics (in particular, «Expert-200-Kazakstan»).

«Expert RA Kazakhstan» is positioning itself also as a communications agency which organizes various forums, events and round tables.

From the 1st of August 2013 «Expert RA Kazakhstan» is a member of the Association of Financiers of Kazakhstan.

Other rating agencies in international group RAEX:

Expert Ural Analytical Center

Expert-Ural is the leading think-tank in the Urals and West Siberia. Along with the leading business weekly of the Urals and West Siberia, Expert-Ural is part of Expert media holding. Our key partners in economic research are the Ural Federal University and affiliate of the Higher School of Economics National Research University (Saint-Petersburg). Expert-Ural is a member of the Association of Russian Economic Think-Tanks (ARETT) which brings together the leading Russian think-tanks.

Our specialization is to provide expert and analytical support for decision-making process in authorities, local governments, companies, research and educational institutions in the sphere of economic, social, scientific, and technological development.

Our objective is to provide governments and business community with information necessary for making decisions, to promote development of efficient private business, positive changes in regional economy, and interests of the emerging Russian middle class.